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I would now like to hand the presentation over to your host for today, Chris Hutter, Chief Financial Officer.Chris Hutter Thanks, Adam and welcome everyone to the PowerSecure International Inc. second quarter 2010 earnings conference call. Thanks for your time and interest in our company. With me here today, I have Sidney Hinton, our Chief Executive Officer. And our agenda will be very similar to in quarters past. Sidney will provide an overview of our first quarter performance and lead a strategic business discussion. Then I will provide more detail on our first quarter financial results, our balance sheet, and our backlog. Overall though, given that our last few calls have been on the long side we tried really hard to prepare our prepared comments today with the goal of streamlining the call and get it done in under an hour. So we're going to work really hard against that goal. And then we'll open up the lines for Q&A of course as we always do toward the end of the discussion and Sidney will wrap up with a few closing remarks. So with that, I'll turn it to Sidney. Sidney Hinton Thanks, Chris. And thanks all of, you, for joining us this afternoon. And specifically, I'd like to recognize our customers who have dialed in, we appreciate your support, your confidence and your interest in it. And we appreciate our utilities who have dialed in again. We appreciate your support and confidence. And our investors who are on the line, we appreciate your support and confidence is us. Thanks all of, you, for this afternoon. I am excited to be able share the results with you this afternoon, and I will be more excited to be able to be share when we go through these four major messages we're trying to communicate. And in messages three and four, I'm particularly excited about those, because we're going to do, what I would call tipping our hand. We're going to try to convey and help you as investors, you as analyst, you as customers, you as utility partners, see what has that's so excited about the future. So I can't wait until we get to the major points three and four. But let me back up right now and give you what the four major points are.
First, our second quarter financial results are very strong. Revenue is $34 million it was up 37%, earnings per share is $0.07 a share, which was up 75%. Our key message around that, and I'm going to come back and add color to this, is that our growth was across the board, on every one of our business segments, so that that's message one.Message two, and again I'm going to add that to all of these messages. Message two is our operations and execution continues to be very positive. We like it a lot. It's reflected in our gross margin, which was 34.5%, that's 1.7 percentage points above last year. This is our fifth consecutive quarter of year-over-year increase in our gross margin percentage. The headline here is that our team continues to deliver strong and outstanding products and services to our customers with the strong value proposition. Our engineering, our operations and our field teams did do a terrific job of executing on our behalf and on behalf of our customers. Third message and the third important one is a couple that I'm really excited about. The third message, and this may be a little confusing, but if you'll bear with me, I think you'll enjoy this part. The message is that our new business development and new product development efforts are bearing fruit. And that they provide us with excellent catalyst for growth. And when I think about the catalyst for growth, it's what are the things that we think are coming and that we anticipate and that we believe we'll propel our company forward. And later I will talk about, what are the things that have us positioned, actually I'll talk about in the fourth bullet here. The things that help us get each of these business units up to $100 million each and we have three of those, and we believe have that potential and more. But a little more color into this third bullet before I move to the fourth and then dive into them.
We want you to understand why we're investing now, where's the growth we're investing for, why are we spending the money to-date. And you certainly see it for those who have not seen our financials. Our SG&A was up $3 million over the prior year, I'm sure some of you look and say, "Wow, it's a lot." And we want you to understand why we're doing that.Read the rest of this transcript for free on seekingalpha.com